Raymond James Forecasts Strong Price Appreciation for NVIDIA (NASDAQ:NVDA) Stock

NVIDIA (NASDAQ:NVDA) had its price target boosted by Raymond James from $140.00 to $170.00 in a report published on Thursday morning,Benzinga reports. They currently have a strong-buy rating on the computer hardware maker’s stock.

Several other equities analysts have also recently commented on the stock. DA Davidson reaffirmed a “neutral” rating and set a $90.00 price objective on shares of NVIDIA in a research note on Thursday, August 29th. TD Cowen raised shares of NVIDIA to a “strong-buy” rating in a research note on Monday, September 16th. Morgan Stanley boosted their price target on shares of NVIDIA from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Monday. JPMorgan Chase & Co. boosted their price target on shares of NVIDIA from $115.00 to $155.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $200.00 price objective on shares of NVIDIA in a research note on Thursday, August 29th. Five analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $152.40.

NVIDIA Stock Performance

Shares of NASDAQ NVDA traded down $4.78 during midday trading on Thursday, hitting $141.98. The company’s stock had a trading volume of 246,946,036 shares, compared to its average volume of 399,397,188. The stock has a fifty day moving average price of $130.18 and a 200 day moving average price of $119.70. NVIDIA has a one year low of $45.01 and a one year high of $149.77. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $3.48 trillion, a price-to-earnings ratio of 66.95, a P/E/G ratio of 1.54 and a beta of 1.66.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, beating the consensus estimate of $0.64 by $0.04. The company had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. NVIDIA’s revenue for the quarter was up 122.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.25 earnings per share. On average, research analysts forecast that NVIDIA will post 2.66 EPS for the current fiscal year.

NVIDIA Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th were issued a dividend of $0.01 per share. The ex-dividend date was Thursday, September 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is currently 1.88%.

NVIDIA announced that its Board of Directors has approved a share repurchase program on Wednesday, August 28th that permits the company to buyback $50.00 billion in outstanding shares. This buyback authorization permits the computer hardware maker to reacquire up to 1.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at NVIDIA

In related news, Director Mark A. Stevens sold 155,000 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the completion of the sale, the director now directly owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. This trade represents a 1.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.51, for a total value of $524,295.00. Following the sale, the insider now directly owns 492,409 shares of the company’s stock, valued at $57,370,572.59. The trade was a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,156,270 shares of company stock valued at $254,784,327 in the last 90 days. 4.23% of the stock is currently owned by company insiders.

Institutional Trading of NVIDIA

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Taika Capital LP increased its position in shares of NVIDIA by 54.1% during the 3rd quarter. Taika Capital LP now owns 44,760 shares of the computer hardware maker’s stock worth $5,436,000 after purchasing an additional 15,717 shares during the last quarter. Sora Investors LLC acquired a new position in NVIDIA in the 3rd quarter valued at about $18,216,000. Sphera Funds Management LTD. grew its position in NVIDIA by 21.8% in the 3rd quarter. Sphera Funds Management LTD. now owns 24,355 shares of the computer hardware maker’s stock valued at $2,958,000 after acquiring an additional 4,355 shares in the last quarter. Stansberry Asset Management LLC grew its position in NVIDIA by 8.6% in the 3rd quarter. Stansberry Asset Management LLC now owns 64,022 shares of the computer hardware maker’s stock valued at $7,775,000 after acquiring an additional 5,085 shares in the last quarter. Finally, Stevens Capital Management LP acquired a new position in NVIDIA in the 3rd quarter valued at about $33,551,000. 65.27% of the stock is owned by institutional investors and hedge funds.

NVIDIA Company Profile

NVIDIA Corporation provides graphics and compute and networking solutions in the United States, Taiwan, China, Hong Kong, and internationally. The Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; virtual GPU or vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building and operating metaverse and 3D internet applications.